Onus to prove genuineness & creditworthiness of unexplained credit lies on assessee

Aasra Fincorp Private Limited Vs ITO (ITAT Allahabad) Facts- The assessee is engaged in the business of Micro Finance. The assessee e-filed its ROI on 29th September, 2016, in form ITR-6 declaring taxable income of Rs. 74,380/-. The case of the assessee was selected for framing scrutiny assessment u/s 143(3) read with Section 143(2) of the 1961 Act, under CASS. The AO made additions to the returned income in the hands of the assessee, under Section 68 of the 1961 Act, to the tune of Rs. 75,00,000/- towards the share capital introduced during the year under consideration , as the assessee compa...